Northbrook, IL 60062 -- (SBWire) -- 12/19/2023 --The HVDC capacitor market is projected to grow from USD 6.4 billion in 2023 to USD 17.9 billion by 2031; it is expected to grow at a CAGR of 13.8% from 2023 to 2031. The factors driving the growth of the HVDC capacitor market include the increasing use of capacitors in commercial, industrial, aerospace and defense, and energy and power applications.
HVDC transmission systems are widely adopted by various industries, including aerospace & defense and energy & power, as an alternative for high-voltage alternating current (HVAC) systems for long-distance power transmission. HVDC transmission systems require fewer transmission lines, due to which they have a lower impact on the environment than HVAC systems.
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Plastic film capacitors accounted for the largest market share during the forecast period.
HVDC plastic film capacitors are expected to capture the largest market share during the forecast period owing to the increased adoption of these capacitors in commercial, industrial, aerospace and defense, and energy and power applications. They are highly reliable due to their self-healing capability and long service life and can continue operating effectively even in high temperatures. These capacitors have several advantages, including high reliability, low failure rate, a long service life, and the ability to continue functioning efficiently even in high temperatures.
Enclosed rack capacitor banks accounted for the largest market share during the forecast period.
In 2022, enclosed rack capacitor banks captured the largest share of the HVDC capacitor market, and a similar trend is likely to be observed during the forecast period. In the HVDC capacitor market, several variables, including grid stability, load balancing, renewable energy integration, and grid modernization, might increase demand for enclosed rack capacitor banks due to lower installation and maintenance costs. Moreover, these banks require very little field assembly. They are used for reactive power compensation, power factor control, and harmonic filtering applications in commercial, industrial, and utility power systems. Thus, the increase in demand for enclosed rack capacitor banks for these applications is driving the growth of the HVDC capacitor market.
Energy and Power applications accounted for the largest market share during the forecast period.
The HVDC Capacitor Market for energy and power applications is expected to hold the highest market share during the forecast period. The growth can be attributed to the increased demand for these capacitor banks owing to several benefits, including easy installation and maintenance, less assembly, simple design, and cost-effectiveness. They are widely used in energy and power applications for transmitting power over long distances. The ongoing projects undertaken by governments to enhance energy generation and distribution infrastructure will likely result in high demand for pole-mounted capacitor banks in the future.
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The Asia Pacific region is projected to grow at the highest CAGR during the forecast period.
Asia Pacific holds tremendous potential for the HVDC capacitor market due to the rising demand for these capacitors from the automotive and transportation, consumer electronics, industrial, aerospace & defense, mining, healthcare, energy & power, and telecommunications sectors. Moreover, the governments of different Asia Pacific countries have taken various initiatives such as funding energy expansion projects, renovating existing aging energy infrastructures, and formulating regulations and standards for less carbon emissions, mainly emphasizing the use of sustainable energy, especially solar and offshore wind farms, are expected to fuel the demand for HVDC capacitors in the region in the coming years.
Key Market Players
The major players in the HVDC capacitor companies include Hitachi, Ltd. (Japan), General Electric (US), TDK Corporation (Japan), Eaton (US), KYOCERA Corporation (Japan), YAGEO Corporation (Taiwan), Vishay Intertechnology, Inc. (US), General Atomics (US), LIFASA, International Capacitors, S.A. (Spain), and ELECTRONICON Kondensatoren GmbH (Germany)These companies have used organic and inorganic growth strategies, such as product launches, acquisitions, and partnerships, to strengthen their position in the market.
HVDC Capacitor Market Size, Trends, Global Forecast to 2031